China's Five-Axis Three-Way — KEDE vs Gree vs Haitian, Compared
- Executive Summary
- 1 · Why These Three
- 2 · KEDE (科德数控, 688305) — the Tech Pure-Play
- 3 · Gree (格力智能装备) — the Production-Cell Entrant
- 4 · Haitian Precision (海天精工, 601882) — the Gantry Volume Leader
- 5 · The Side-by-Side Table
- 6 · The Gree CNC Angle
- 7 · Objective Limits & Risks
- 8 · Data Credibility Rating
- 9 · Guidance by Use Case
China's high-end five-axis race is not one race — it is three, run by three very different players. KEDE (科德数控, 688305) is the technology pure-play: a fully in-house CNC brain and ~85% component self-sufficiency, small but deep. Haitian Precision (海天精工, 601882) is the volume leader: ¥3.37B revenue, gantry centers at 25–35% of the high-end domestic market, and the most concrete overseas network. Gree (格力智能装备) is the production-cell entrant: it pairs its own GNC controller with a self-made spindle + linear-motor motion stack and sells a whole cell, not a box. For an overseas buyer, the three are not competitors to rank — they are three fit profiles.
- KEDE — depth: 2025 audited revenue ¥552M (−8.86%), net profit ¥88.6M (−31.79%), gross margin 39.48%, and an extraordinary R&D of ¥195M = 35.4% of revenue. Five-axis is the core; automation lines jumped +272% to 33% of revenue. Small and cyclically soft, but the deepest tech stack.
- Haitian — scale + global: 2025 audited revenue ¥3.37B (+0.48%), net profit ¥429M (−17.97%), gross margin 25.70%. Gantry centers = 56% of revenue at ~27.6% margin; overseas revenue ¥558M (+50%), ~16.6% of total, overseas GM ~39%. Real overseas footprint (Germany, Serbia, Mexico, Vietnam, Brazil).
- Gree — integration: In-house GNC + self-made spindle & linear motor; GA-FMB3020D dual-five-axis gantry (automotive die-casting, 120 m/min); self-developed swing head & linear motor at ~−50% cost; ~75% external-supply ratio; a defensible +25% efficiency red line for overseas. CNC financials are not separately disclosed (subsidiary of Gree Electric, 000651) — rated Low.
1 · Why These Three
Any honest "Chinese five-axis" map needs at least three archetypes, because the question "who makes Chinese five-axis?" has three different answers depending on what you value:
- Who owns the brain and the deepest stack? → KEDE.
- Who sells the most machines and already serves you locally? → Haitian.
- Who sells the whole automated cell, not just a machine? → Gree.
This is the synthesis issue the series has been building toward. Issue #1 profiled KEDE; Issue #2 / the hub covered Haitian; Issue #15 covered the controller brain (GSK) that Gree's GNC also lives in; Issue #18 covered the spindle/linear-motor muscle Gree makes in-house. Here they meet in one table.
2 · KEDE (科德数控, 688305) — the Tech Pure-Play
| Attribute | Detail (audited 2025) |
|---|---|
| Positioning | Pure-play five-axis; the only Chinese maker that builds the "brain" itself |
| Revenue / profit | ¥552M (−8.86%) / net ¥88.6M (−31.79%) |
| Gross margin | 39.48% (high-end CNC segment 42.4%) |
| R&D | ¥195M = 35.4% of revenue (+20.2%) — among the highest in the sector |
| Mix | High-end 5-axis CNC ¥331M (60%); automation lines ¥185M (+272.7%, 33%) |
| Self-sufficiency | In-house GNC + ~85% key components (the deepest stack of the three) |
| Caveat | Small scale; 2025 profit dipped on softer demand + more automation-line (lower-GM) mix |
Why KEDE is the tech reference
KEDE is what "China closed the high-end gap" looks like at the component level: a CNC system, five-axis RTCP math and key parts all made in-house. Its 35% R&D ratio is the signal — it is buying depth, not volume. The trade-off is scale and cyclicality: at ¥552M revenue it is a fraction of Haitian's size, and 2025 shows the demand swing hits small pure-plays hardest.
3 · Gree (格力智能装备) — the Production-Cell Entrant
| Attribute | Detail |
|---|---|
| Positioning | Appliance-giant entrant; sells machine + robot + thermal + process, not a box |
| Brain | Self-developed GNC controller (in-house, domestic) |
| Muscle | Self-made spindle + linear motor; self-developed swing head at ~−50% cost |
| Flagship | GA-FMB3020D dual-five-axis gantry (automotive die-casting programs, 120 m/min) |
| Supply | ~75% external-supply ratio; integration, not full in-house |
| Overseas | Building service (e.g. Malaysia); defensible +25% efficiency red line for export deals |
| Caveat | CNC is a segment of Gree Electric (000651); no separately disclosed CNC financials — rated Low |
Why Gree is the integration reference
Gree's bet is different from both peers: not "deepest brain" (KEDE) and not "most machines shipped" (Haitian), but the whole cell. Pairing GNC with a self-made motion stack lets Gree quote a turnkey line — robot loading, thermal management, process know-how — which is what production-scale buyers actually buy. The ~−50% self-made swing-head/linear-motor cost and +25% efficiency red line are the defensibility story for overseas.
4 · Haitian Precision (海天精工, 601882) — the Gantry Volume Leader
| Attribute | Detail (audited 2025) |
|---|---|
| Positioning | Domestic gantry machining-center champion; import-substitution, going global |
| Revenue / profit | ¥3.37B (+0.48%) / net ¥429M (−17.97%) |
| Gross margin | 25.70% (gantry 27.6%, VMC 20.5%, HMC 29.7%) |
| Gantry share | ¥1.895B = 56.3% of revenue; high-end gantry domestic share ~25–35% |
| Overseas | ¥558M (+50%), 16.6% of total; overseas GM ~39% vs ~23% domestic |
| Self-made parts | Spindle, swing head, five-axis head, truss tool mag — import dependence falling |
| Global footprint | Mexico, Vietnam, Germany, Serbia + Brazil & 4 trading subs; "overseas capacity + local service" |
Why Haitian is the scale + global reference
Haitian is the proof that Chinese high-end machines ship in volume and travel. ¥3.37B revenue (6× KEDE), a gantry line at 25–35% of the domestic high-end market, and an overseas business growing 50% with a ~39% overseas margin — plus real local subsidiaries, not just exporters. For a buyer who wants a reference site and service nearby, Haitian's network is the most concrete of the three today.
5 · The Side-by-Side Table
| Dimension | KEDE (688305) | Gree (格力智能装备) | Haitian (601882) |
|---|---|---|---|
| Core identity | Five-axis tech pure-play | Full production-cell entrant | Gantry volume leader |
| 2025 revenue | ¥552M | Not disclosed (Low) | ¥3.37B |
| 2025 net profit | ¥88.6M | Not disclosed (Low) | ¥429M |
| Gross margin | 39.5% | n/a | 25.7% |
| Brain | In-house GNC (~85% self) | In-house GNC | Buys/partners (self-made parts growing) |
| Muscle | In-house key parts | Self-made spindle + linear motor | Self-made spindle/swing head |
| Five-axis depth | Deepest (pure-play) | Strong (dual-gantry GA-FMB3020D) | Growing (five-axis extension) |
| Export readiness | Smaller | Building (Malaysia service) | Most concrete (global subs) |
| Best fit | Deep five-axis tech buyers | Turnkey cell buyers | Volume gantry / local-service buyers |
6 · The Gree CNC Angle
Gree sits between KEDE's depth and Haitian's scale — and adds the cell
This three-way table is the clearest view yet of where Gree's model lands. It does not out-tech KEDE (KEDE's in-house GNC + 85% self-sufficiency is deeper) and does not out-scale Haitian (¥3.37B vs undisclosed). What Gree uniquely adds is the integrated production cell: GNC + self-made motion stack + robot + thermal + process, sold as one line. Three reads:
- KEDE validates Gree's brain bet. A listed, audited pure-play proving in-house five-axis CNC is a viable business is the best external evidence that Gree's GNC path is real, not marketing.
- Haitian sets the overseas bar Gree must clear. Haitian's Germany/Serbia/Mexico/Vietnam/Brazil footprint and ~39% overseas margin are the benchmark for "served locally." Gree's Malaysia service and +25% efficiency red line are the opening answer.
- The buyer's job is unchanged: name the model, the controller tier, the accuracy class, and a local reference site. The brand comparison is context; the spec sheet is the contract.
7 · Objective Limits & Risks
KEDE — scale & cyclicality
At ¥552M, KEDE is small and its 2025 profit fell ~32% on soft demand and a lower-margin automation-line mix. Deep tech, but demand swings hit it hardest. Verify a reference site and lead time for your exact model.
Haitian — margin pressure & HMC softness
2025 net profit fell ~18% on domestic price competition; its horizontal machining center dropped 30%. Gantry is the rock (56% of revenue, stable margin); the rest is more contested. The overseas ~39% margin is real but still ~16% of the mix.
Gree — disclosure & proof
Gree's CNC financials are not separately disclosed, so scale/profitability can't be verified from public data — rate Low. The integration claim (GNC + self-made motion stack + cell) is strong positioning; ask for a running reference line and the +25% efficiency evidence before treating it as proven for your job.
8 · Data Credibility Rating
| Claim | Source | Confidence |
|---|---|---|
| KEDE 2025: rev ¥552M, net ¥88.6M, GM 39.5%, R&D ¥195M (35.4%) | Audited annual report (688305) | High |
| KEDE in-house GNC + ~85% self-sufficiency; automation lines +272% | Audited report + company positioning | High |
| Haitian 2025: rev ¥3.37B, net ¥429M, GM 25.7%, gantry 56% | Audited annual report (601882) | High |
| Haitian overseas ¥558M (+50%), ~16.6%, overseas GM ~39% | Audited report + broker notes | High |
| Gree CNC + self-made spindle/linear motor; GA-FMB3020D; +25% efficiency | Company positioning / prior reporting | Medium |
| Gree standalone CNC financials (revenue/profit) | Not separately disclosed (subsidiary of 000651) | Low |
9 · Guidance by Use Case
Overseas buyer / distributor
Match the contender to the job. KEDE for the deepest five-axis tech and an in-house brain. Haitian for high-volume gantry / work-center value with the strongest local service today (Germany, Serbia, Mexico, Vietnam, Brazil). Gree for a turnkey production cell with in-house motion stack and a defensible efficiency case. In every case, verify the exact model, controller tier, accuracy class and a local reference site.
Investor
KEDE (688305) and Haitian (601882) are the two verifiable listed windows — one a deep-tech small-cap at a 35% R&D ratio, the other a scaled, globally-expanding gantry leader with a ~39% overseas margin. Gree's CNC is not separately investable; treat it as a strategic read on where the integrated-cell model is heading, and watch Gree Electric (000651) disclosures for any future CNC breakout.
Technology / supply-chain partner
The three are also a make-vs-buy map. KEDE shows the in-house-brain extreme; Haitian shows scaled gantry + growing self-made parts; Gree shows the full-cell integration bet. For Gree's own supplier strategy, KEDE is the brain benchmark and Haitian the gantry/volume and overseas-service benchmark — two concrete external references for the same race Gree is running.
Frequently Asked Questions
Which of the three is the most 'five-axis pure-play'?
KEDE (科德数控). It is the only one of the three built around five-axis from the start — a fully in-house high-end CNC system (GNC) plus ~85% key-component self-sufficiency, and five-axis machines are the core of its revenue. Gree also does five-axis (dual-gantry GA-FMB3020D) but inside a broader machine+robot+thermal+process business; Haitian's core is gantry machining centers with five-axis as a fast-growing extension.
Which is the most export-ready?
Haitian Precision (海天精工) is clearly furthest: 2025 overseas revenue ¥558M (+50%), ~16.6% of total, with overseas gross margin ~39% vs ~23% domestic, and a real overseas footprint (Mexico, Vietnam, Germany, Serbia, Brazil + trading subsidiaries). Gree is building overseas service (e.g. Malaysia) and leads with a defensible +25% efficiency red line; KEDE's overseas is smaller. For a buyer who wants local support now, Haitian's network is the most concrete.
Why include Gree if its CNC financials aren't separately disclosed?
Because Gree is the entrant changing the game structurally: it pairs its own GNC controller with a self-made spindle and linear-motor motion stack and sells a whole production cell (machine + robot + thermal + process), not just a box. That integration model is the strategic contrast this series tracks. We rate Gree's standalone CNC financials Low confidence (subsidiary of Gree Electric, 000651, not broken out) and rely on product/positioning facts we can stand behind.
What should an overseas buyer actually do with this comparison?
Match the contender to the job. KEDE for the deepest five-axis tech and in-house brain. Haitian for high-volume gantry/work-center value with the strongest overseas service today. Gree for a turnkey production cell with in-house motion stack and a defensible efficiency case. Then verify the exact model, controller tier, accuracy class and a local reference site — the brand name is a starting point, not a specification.
